Daijiworld Media Network - Bengaluru (SP)

Bengaluru, Nov 13: Non-functioning of majority of ATMs has created problems for the people who are already suffering the consequences of demonetization of Rs 1000 and 500 currency notes. Even in case of some ATMs that are operational and several bank branches, cash supplied to them got exhausted soon, and scores of people had to return disappointed.

As bank branches are functioning even on Saturday and Sunday, there was some reprieve. Shortage of Rs 100 notes created problems for people and several shops as people were found to be tendering Rs 2,000 notes even for small purchases.

In the meanwhile, there is information that temporary businesses have sprouted, which offer to exchange any amount of money comprising old currency notes subject to payment of 25 % commission. These traders are trying to cash in on the provision that banks exchange notes only up to Rs 4,000 and many are in need of heavy cash. Some claim that this business is being run with the connivance of some bank employees.

It is said that operators of this business are prepared to exchange heavy cash against payment commission ranging from 20 to 25 percent without demanding for any kind of record.